VADEGRO
ActiveSummary
VADEGRO has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €543k and a net result of €27k. Equity is growing by ~12.5% per year across the filed fiscal years. Its solvency ranks better than 41% of 994 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability62▼-21
Solvency63▼-2
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity short (current ratio 0.82 against 1.18 in 2024; short-term debt: 35.5% and cash: 5.4% of total assets), and 61.5% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
38.5%
Return on assets
1.9%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
50 d late
2023
50 d late
2022
30 d late
2021
54 d late
2020
129 d late
2019
122 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Hiring this company for building work? Recognition, activities and what to check first.Contractor check Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€543k▼ 2.4%
2024 · €556k
Total assets
€1.41M▲ 1.9%
2024 · €1.39M
Net result
€27k▼ 82.7%
2024 · €156k
Working capital
€-89k
2024 · €65k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€281k▲ 93.6%€30k▼ 89.2%€-61k€232k€61k▼ 73.8%
Net result€213k▲ 59.4%€6k▼ 97.0%€-72k€156k€27k▼ 82.7%
Equity€467k▲ 40.2%€473k▲ 1.4%€401k▼ 15.3%€556k▲ 38.8%€543k▼ 2.4%
Total assets€1.56M▲ 27.9%€1.73M▲ 10.7%€1.48M▼ 14.5%€1.39M▼ 6.1%€1.41M▲ 1.9%
Debt€1.08M▲ 21.7%€1.24M▲ 15.1%€1.07M▼ 14.1%€775k▼ 27.3%€820k▲ 5.7%
Working capital€149k▲ 78.1%€-93k€-155k▼ 66.4%€65k€-89k
Staff (FTE)7.7▲ 4.1%7.4▼ 3.9%3.2▼ 56.8%3.3▲ 3.1%3.3=
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 74% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.41M
Fixed assets
€998k ▲ 5.5%
Current assets
€413k ▼ 5.9%
Equity and liabilities €1.41M
Equity
€543k ▼ 2.4%
Provisions
€49k ▼ 9.6%
Debt
€820k ▲ 5.7%
Debt's share of the balance-sheet total rises from 56.0% to 58.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€216k▼
2024 · €377k
Cash flow
€183k▼
2024 · €300k
Current ratio
0.82▼
2024 · 1.18
Quick ratio
0.77▼
2024 · 1.11
Debt to equity
1.51▲
2024 · 1.39
ROE
5.0%▼
2024 · 28.0%
ROA
1.9%▼
2024 · 11.2%
Interest coverage
4.92▼
2024 · 10.36
Debt ≤ 1 year
€502k▲
2024 · €373k
Debt > 1 year
€308k▼
2024 · €394k
Income taxes
€5k▲
2024 · €605
Staff costs
€262k▲
2024 · €236k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €284k | - | - |
| Remuneration, social security and pensions62 | €404k | €459k | €225k | €236k | €262k | ▲ 10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €131k | €191k | €179k | €145k | €156k | ▲ 7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €-7k | €0 | - | - |
| Other operating charges640/8 | €18k | €27k | €23k | €16k | €17k | ▲ 7.2% |
| Non-recurring operating charges66A | - | - | - | €95k | - | - |
| Gross operating margin9900 | €834k | €707k | €360k | €724k | €496k | ▼ 31.5% |
| Operating profit (loss)9901 | €281k | €30k | €-61k | €232k | €61k | ▼ 73.8% |
| Financial income75/76B | €3k | €7k | €11k | €5k | €10k | ▲ 95.0% |
| Recurring financial income75 | €3k | €7k | €11k | €5k | €10k | ▲ 95.0% |
| Financial charges65/66B | €33k | €33k | €25k | €36k | €44k | ▲ 21.1% |
| Recurring financial charges65 | €33k | €33k | €25k | €36k | €44k | ▲ 21.1% |
| Profit (loss) for the period before taxes9903 | €252k | €5k | €-75k | €201k | €27k | ▼ 86.7% |
| Transfer from deferred taxes780 | - | €2k | €3k | €3k | €5k | ▲ 84.8% |
| Transfer to deferred taxes680 | €14k | - | - | €47k | - | - |
| Income taxes67/77 | €25k | €320 | €263 | €605 | €5k | ▲ 702% |
| Profit (loss) for the period9904 | €213k | €6k | €-72k | €156k | €27k | ▼ 82.7% |
| Transfer from tax-exempt reserves789 | - | €6k | €8k | €8k | €16k | ▲ 84.8% |
| Transfer to tax-exempt reserves689 | €42k | - | - | €142k | - | - |
| Profit (loss) for the period to be appropriated9905 | €171k | €12k | €-64k | €22k | €42k | ▲ 94.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.56M | €1.73M | €1.48M | €1.39M | €1.41M | ▲ 1.9% |
| Fixed assets21/28 | €885k | €1.21M | €1.05M | €946k | €998k | ▲ 5.5% |
| Tangible fixed assets22/27 | €884k | €1.21M | €1.05M | €946k | €998k | ▲ 5.5% |
| Land and buildings22 | €572k | €616k | €583k | €544k | €699k | ▲ 28.4% |
| Plant, machinery and equipment23 | €125k | €129k | €93k | €63k | €46k | ▼ 27.5% |
| Furniture and vehicles24 | €185k | €132k | €96k | €164k | €104k | ▼ 36.6% |
| Leasing and similar rights25 | - | €328k | €280k | €174k | €149k | ▼ 14.3% |
| Other tangible fixed assets26 | €2k | €548 | €357 | €167 | - | - |
| Financial fixed assets28 | €420 | €420 | €420 | €420 | €420 | = |
| Current assets29/58 | €675k | €521k | €423k | €439k | €413k | ▼ 5.9% |
| Stocks and contracts in progress3 | €10k | €18k | €25k | €25k | €25k | = |
| Stocks30/36 | €10k | €18k | €25k | €25k | €25k | = |
| Amounts receivable within one year40/41 | €627k | €387k | €355k | €360k | €297k | ▼ 17.4% |
| Trade receivables40 | €610k | €357k | €329k | €176k | €186k | ▲ 5.3% |
| Other amounts receivable41 | €17k | €31k | €26k | €183k | €111k | ▼ 39.2% |
| Cash at bank and in hand54/58 | €16k | €112k | €33k | €38k | €76k | ▲ 99.6% |
| Deferred charges and accrued income490/1 | €22k | €4k | €10k | €16k | €15k | ▼ 8.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.56M | €1.73M | €1.48M | €1.39M | €1.41M | ▲ 1.9% |
| Equity10/15 | €467k | €473k | €401k | €556k | €543k | ▼ 2.4% |
| Contributions10/11 | €111k | €111k | €111k | €111k | €111k | = |
| Reserves13 | €356k | €362k | €290k | €424k | €408k | ▼ 3.7% |
| Non-distributable reserves130/1 | €7k | €7k | €7k | €0 | - | - |
| Reserves not available under the articles1311 | €7k | €7k | €7k | €0 | - | - |
| Tax-exempt reserves132 | €48k | €42k | €34k | €168k | €152k | ▼ 9.3% |
| Distributable reserves133 | €300k | €313k | €249k | €256k | €256k | = |
| Profit (loss) carried forward14 | - | - | - | €22k | €24k | ▲ 11.2% |
| Provisions and deferred taxes16 | €14k | €12k | €9k | €54k | €49k | ▼ 9.6% |
| Deferred taxes168 | €14k | €12k | €9k | €54k | €49k | ▼ 9.6% |
| Amounts payable17/49 | €1.08M | €1.24M | €1.07M | €775k | €820k | ▲ 5.7% |
| Amounts payable after more than one year17 | €547k | €627k | €479k | €394k | €308k | ▼ 22.0% |
| Financial debts170/4 | €440k | €577k | €429k | €344k | €308k | ▼ 10.7% |
| Other amounts payable178/9 | €108k | €50k | €50k | €50k | - | - |
| Amounts payable within one year42/48 | €526k | €614k | €579k | €373k | €502k | ▲ 34.4% |
| Current portion of amounts payable after more than one year42 | €78k | €158k | €148k | €129k | €83k | ▼ 35.4% |
| Financial debts43 | €100k | €200k | €0 | - | - | - |
| Credit institutions430/8 | €100k | €200k | €0 | - | - | - |
| Trade debts44 | €173k | €190k | €202k | €79k | €226k | ▲ 185% |
| Suppliers440/4 | €173k | €190k | €202k | €79k | €226k | ▲ 185% |
| Advances received on contracts in progress46 | €7k | - | - | - | - | - |
| Taxes, remuneration and social security45 | €31k | €2k | €4k | €3k | €9k | ▲ 176% |
| Taxes450/3 | €31k | €2k | €3k | €3k | €9k | ▲ 176% |
| Remuneration and social security454/9 | - | - | €644 | €0 | - | - |
| Other amounts payable47/48 | €137k | €64k | €225k | €162k | €183k | ▲ 13.4% |
| Accrued charges and deferred income492/3 | €6k | €327 | €9k | €7k | €10k | ▲ 39.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €213k | €6k | €-72k | €156k | €27k | ▼ 82.7% |
| + Depreciation and write-downs630 | €131k | €191k | €179k | €145k | €156k | ▲ 7.6% |
| Operating cash flow (approximation) | €344k | €197k | €107k | €300k | €183k | ▼ 39.2% |
| Investment in fixed assets (approximation) | - | €-512k | €-26k | €-39k | €-208k | ▼ 437% |
| Change in cash | - | €96k | €-79k | €5k | €38k | ▲ 683% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 50 days late
2024
31-12
Financial
Back to profitnet €156k
Net result €156k after one loss-making year.
31-12
Financial
Equity above €500kEq €556k ▲38.8%
Equity rises from €401k to €556k.
19-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 50 days late
2023
31-12
Financial
Weakest financial yearnet €-72k
Net result drops to €-72k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 30 days late
2022
23-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 54 days late
2021
31-12
Financial
Highest result since 2018net €213k ▲59.4%
Operating result €281k, net result €213k, both a record.
07-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 129 days late
2020
31-12
Financial
Equity above €200kEq €333k ▲67%
3 profitable years in a row build equity to €333k.
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 122 days late
Show earlier events
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 61 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Zwevegem · 2 establishment units since 2007
Ground area
9,162 m²
Building footprint
1,662 m²
Volume, LiDAR
731 m³
2 parcels, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
VADEGRO
since 20072.163.100.196
VADEGRO
since 20222.327.109.083
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34028A0021/00P000 | Flanders | 7,511 m² | 1 · 1,521 m² | 0.0 m |
| 34028A0901/00K000 | Flanders | 1,651 m² | 1 · 141 m² | 7.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 2,902 EUR awarded · 3,190 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 0 EUR | 222 EUR |
| 2024 | 1 | 282 EUR | 718 EUR |
| 2023 | 1 | 949 EUR | 579 EUR |
| 2022 | 1 | 1,671 EUR | 1,671 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Recognised contractor
1 categoryVADEGRO BV37021
Similar companies · same sector, comparable size
Entreprises Georges Chéron
BE 0401.380.456
Eghezée · Eq €544,386
V P B
BE 0453.532.507
Roeselare · Eq €544,431
DEX BESTRATINGEN
BE 0817.926.368
Malle · Eq €539,799
KP PROJECT
BE 0725.515.557
Dessel · Eq €539,068
STEPHANE LHERMITTE TRAVAUX
BE 0473.498.174
Bastogne · Eq €547,723
Of 2,325 companies in sector 42110 we hold annual accounts for 1,096. 782 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-05-2007
Fiscal year end31-12
Activities, NACEBEL 2025
42110Construction of roads and motorways
43120Site preparation
43990Other specialised construction activities
81300Landscape service activities
Scores and ratios are computed by Checked and are not a credit decision.